Buffett said something along the lines of he just didn't understand them.

This prompted ridicule from slap-happy tech investors the world over who understood tech stocks so profoundly that they knew that you didn't even have to know what a company did to make money—you just had to buy.

And it caused even sober, normally astute commentators to wonder whether Warren Buffett had lost it.

But, as the markets soon revealed, Buffett hadn't lost it. And he understood tech stocks just fine.

And over the next couple of years, Berkshire's tech-free portfolio did astoundingly well, especially relative to the NASDAQ.